Markets got a dose of positive news this morning with the better than expected ISM Manufacturing report for the month of September. While economists were looking for a level of 49.6, the actual reading came in at 51.5, breaking a string of three straight months below 50.
Looking at each of the indices subcomponents shows broad based improvement in the manufacturing sector during the month of September. Of the ten subcomponents, nine increased during September, while five are above the 50 threshold for growth and five are below. Compared to one year ago, however, the numbers were less robust as just four subcomponents are higher now than they were a year ago, while six are lower. While economic data last week put the market in a down mood, the month of October has gotten off on the right foot.
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